Can Your Financial Organization Survive in the Cloud?

For many companies, business isn’t headed into the cloud – it has already reached cruising altitude.

Many firms have realized the access-anywhere agility, lighter tech footprint and simplicity of cloud services. In turn, they have moved their data, business applications and even full-scale software platforms off their internal servers and onto a commercial cloud system, gaining competitive advantages in the process and prompting other firms to follow suit.

Not more than three years ago, some analysts believed companies in the financial services sector would be an exception in the race to the cloud. Because they work in a highly regulated industry with significant security requirements, financial firms face greater challenges adopting cloud services than businesses in other sectors.

Nevertheless, financial organizations have sought out opportunities to migrate to the cloud. And they’ve found that even considering the heightened challenges, there are compliant and valuable ways to make it happen.

If your financial firm is making the move to cloud services, it’s vital to have the proper cyber security measures in place to protect your company, information and clients. With that in mind, here are five essential tips that will guide you toward a solid cloud security arrangement:

5 Tips to Secure the Cloud

  1. Have the experts support you in assessment and implementation: You’re sure to need a heavy emphasis on regulatory compliance, so you must make sure you’re developing your cloud program according to applicable security frameworks. That requires not just a close familiarity with the frameworks, but the ability to complete a thorough assessment of the program – and then continually assessing after that to keep up with a constantly changing security environment. Gotham Security specializes in assessing and implementing programs according to regulations affecting financial firms, including ISO 27001 and the NIST Cybersecurity Framework (adopted by the SEC).
  2. Do your homework with CSPs: The cloud services partners you hire to operate your cloud programs share responsibility for securing your data and resources. You may need additional security controls in place – especially if your CSP hasn’t developed specifically for financial services before.
  3. Establish your continuity plan: Regulations require firms to have a plan in place to recover operations after an incident, including those that affect cloud-based services. Gotham Security’s Security Operations services equip you with a number of things, including incident response capabilities.
  4. Mind your encryption: While your data may be encrypted in your systems and your CSP’s systems, you still might face issues related to data encryption when you transmit this data between organizations. As part of your assessment, uncover and address any weak points in your encryption program.
  5. Monitor your cloud: Your CSP takes part in keeping your data secure. But as part of your proactive security strategy, you’ll want to keep a constant close watch on the data you are accessing from the cloud, then follow through with quick resolution. Gotham Security doesn’t just evaluate your cloud once and build a plan from there. We monitor your cloud data 24/7, 365 in our state-of-the-art security operations centers, and react to changing needs as they occur.

Many financial firms remain guarded in their migration to the cloud. But these tips should give you an idea of what it takes to achieve a secure transition and prepare you to make a secure move.

For more information about Gotham Security’s Proactive Security Operations programs and our Security Program Development and Assessment service, contact us today at 917.734.4120 or info@gotham-security.com.